"Moje przypuszczenie jest takie, że inflacja będzie niższa w III i IV kwartale niż była w II kwartale. Jeśli tak się stanie, to zgadnij, co stanie się z mnożnikami dla MAG 7? Ponownie się rozszerzą." "my guess is that inflation is going to be lower in Q3 and Q4 than it was in Q2. If that's the case, then guess what's going to happen to the multiples on the MAG 7? They're going to expand again."

… If it goes back to 60 bucks, what do you think is going to happen to inflation? I don't know. I don't know if I'm confident yet enough to call the top of inflation, but we're pretty damn close in my opinion. And so whether it actually already peaked or it's going to peak in, you know, the May or June number or whatever, my guess is that inflation is going to be lower in Q3 and Q4 than it was in Q2. If that's the case, then guess what's going to happen to the multiples on the MAG 7? They're going to expand again. Okay, fine. That's one part of it. Well, what about the AI capex? There's two components to this in my opinion. The first is that the AI capex, the whole thing is predicated on does the demand actually exist that we think is going to exist in the future and will there be an ROI on this capex spending? Well, there will be an ROI if the demand exist …